Does anyone know what the regulations regarding online Forex trading and PIP are? I’m not sure I want to do it anyway, as it might trigger me into psychosis, but half of me thinks it might be an opportunity to learn about the world.
Last time I bought bitcoins for 1200$ in 2015. I wanted to cashout when my bitcoins were worth 80 000$ but I formated my pc with the password by accident. Its because of my schizophrenia, I can’t focus and think clearly. Since that time I never gambled, went to casino or bought stocks and cryptocurrency. Lesson learned.
You should know that everything in life is a game. The purpose of games is education. Forex trading, done properly, teaches one about the nature of the various national economies at a given time. One does not do it for profit, though that is part of it, one learns to judge which nation’s economy is in ascendance and which is in decline at any given moment. This allows one to consider the dynamics of the world as we know it. However, for myself, I am worried that I have devoted too much time to such things already, having spent years paying attention to history and the news. The combination of these two things has been one of the biggest triggers for my psychosis in the past and I am somewhat apprehensive of trying again, even if I am legally entitled to do so in my present condition. I am much happier focusing on my immediate environment than that of the TV or internet news bulletins, however I know that much of my work has been in this field in the past. I don’t really know whether to return to it or not. I have other plans at the moment, like building a computer and growing herbs. All I want to know is, given the opportunity, would forex trading violate my PIP terms;?; Thank you.
So I don’t think forex trading would effect my PIP, it is just money after all, not stocks and shares. I don’t know what the minimum you are allowed to trade is, if I could keep it around a £10 investment max then it wouldn’t be problematic. As I said, the real reason I want to do it is to get a feel for the global economy. But I also think that I have been much better since I’ve started thinking on a local scale. I don’t know what the best platform for forex trading is, I’d like some advice on this from anyone who knows. Thank you.
So I’ve googled forex trading for the first time and realised that I know nothing about it. I assumed it was just buying and selling world currencies, but it seems to be more about betting, indeed there seem to be something called spread bets, which is a term I’ve heard before, but don’t really know what it means. Also, the brokers seem to charge fees, but these aren’t designated in dollars or sterling but rather in “pips” (funnily enough). I’d like to do some more research. I had thought of how I would do it if it was just buying and selling currencies without a time limit. But the idea of bets implies a time limit, and that is more problematic and much more along the lines of gambling. I had wanted to do it to help me manage my solipsistic global world, balancing the world’s economies and my understanding of them, however being subject to the changes in the dynamics financially is not something I am particularly interested in. I will have to do some more research. Thank you.
It’s a very deep area. My advice is to stay away from it. It takes at least 10 years and several occasions of large losses plus plenty of luck to become any good at it. You’re better off just staying informed about world events and try to educate yourself and make sense of it all without the financial risk.
Me too I find its not worth the risk anymore after loosing 80 000$.
Yikes! That’s a lot of money.
In reality its 1200$ of bitcoins initially, about 4 bitcoins. Then bitcoin price rose past 20 000$.
I wanted to cashout the 80 000$ but I accidently formated my PC with the password. There are people who lost 200 millions$ and some died with their password. I still have them in my online wallet, I just don’t know the password. I paid hackers to decrypt my password but they failed.
That’s truly tragic. I’m sure you could use the money. I’ve lost some too, not coin though.
Maybe run the Forex Simulator. I invested virtual $500 on a market and the next day when I cashed out based on pips I only earned a whopping $8 return. So you need a lot of money to make money and there is a lot to know. Best wishes
You have to consider some investments on platforms before you should even begin splashing.
First, you need a platform to say the real time price. Most sites like yahoo finance and tradingview say the price of whatever you want with 15 minutes delay or more. You need to pay premium to get the real time price. So you should take that cost in account on your expenses.
Second, your brooker account. There’s plenty to choose with low fees. You have etoro, robinhood if you live in America, and if you’re from europe there’s degiro too. There’s plenty of more brookers who offer low fees. You also need to pay them if you want more options to buy, like buy backs, or short selling or whatever, most “free” accounts won’t offer many things to do with market. But even paying them there’s some downsides. Most of them require you to be active over a period of 30 days or more(at least on degiro).
Now, forex market, we all know it’s the most liquid market of them all. But in my opinion it’s to volatile and most consumer defense magazines here advice to run away from it, there’s a lot of people losing money on it and there’s a lot fake rich guys who pretend to be successful on that market, when they have Ponzi schemes for raising money to give advice.
With that said, I’ll give you Ray Dalio opinion on money: “Cash is trash”. It was before all this corona virus thing, and since you might be starting, you should avoid spending money on the markets while this corona virus is still going. Everyone is losing and Italy have been baning short selling in some stocks. It may end up with them closing down, since all they can do is short selling.
So good luck
A Forex Simulator sounds good, do you still have to pay, or are there free ones;?; Which one would you recommend;?;
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